Real estate attorney recs to deal with potential earnest money problems (West: mortgage broker, lender)

[Cinap]

Hello,

Our option period is over in our real estate contract, and on the contract the target date for closing was Jan 12th. The option period ended on December 22nd. My lender will not do work on the contract unless it states it is 35 days out on the contract. We have sent amendments for the past week and now the sellers wish to terminate the contract, as we need the contract to now state Feb 2nd. They are willing to go to Jan 28th, but my lender requires 35 days.

I am really bummed, but need a real estate attorney to ensure I get to keep my earnest money, as they are the ones who refused to sign a reasonable extension.

Cheers

[Rakin]

Hard to believe the seller will not extend for a few more days.
Do you not have a Real Estate agent who's decent enough to explain your options?

You do not need an attorney.

You are the one refusing to close as you agreed in the contract. Should you not forfeit your earnest money?

[Cinap]

Originally Posted by Rakin

Hard to believe the seller will not extend for a few more days.
Do you not have a Real Estate agent who's decent enough to explain your options?

You do not need an attorney.

You are the one refusing to close as you agreed in the contract. Should you not forfeit your earnest money?

I don't believe the sellers agent is providing them with all the information. My mortgage broker has talked to her and can't believe this is a big issue. I also inadvertently met the owners when we were doing our second walk through, they are retired and moving back to California, where they already own a house, so a couple of days shouldn't have been an issue. She told us she chose us because of our young family and they had higher offers on the table. The selling agent already has the house listed back on the market, even though we have signed no termination papers.

It's all a mess. The target date should have never been the 12th, especially considering the holiday season and we tried amending immediately to no avail.

I am not happy with my real estate agent, but this is my first time through the process, so I'm getting taken to the school of hard knocks in many regards.

I really don't care if we lose the house, but losing the earnest money for a situation completely out of our control does not sit well with me.

[frenzyrider]

It should not be such a big deal but your word on a piece of paper is important. I dont think you will get the earnest money back but i am shocked at your lender needing 35 days when most lenders nowadays are turning around in 14 days to 21 days. And, yes, lenders will always say it is not such a big deal.

[Cinap]

They signed the amendment today that we sent last week for the 28th, but the agent said they wouldn't go for Feb 2nd, which is 3 business days later. Hopefully that can get us on better legal standing.

[Rakin]

Sounds like you picked a crappy RE Agent who is not explaining the process well.

[FalconheadWest]

Sounds more like you picked a bad lender who doesn't know how to close deals? Last month, I closed a deal in 10 business days, regular residential with 5% down and 2 liens. Why does your lender need 35 days? Also, why wouldn't that 35 days start counting from when you executed the contract, not from when you get an amendment signed?

You need a new lender! You can still easily close in January if you're working with the right person.

[HockDad]

Originally Posted by FalconheadWest

Sounds more like you picked a bad lender who doesn't know how to close deals? Last month, I closed a deal in 10 business days, regular residential with 5% down and 2 liens. Why does your lender need 35 days? Also, why wouldn't that 35 days start counting from when you executed the contract, not from when you get an amendment signed?

You need a new lender! You can still easily close in January if you're working with the right person.

Agreed. Also, you are not entitled to your money back from the seller if it is your fault, or YOUR lender's fault, that you can't close on time (unless you have a financing addendum that provides for this contingency).

[TR95]

Get a new lender today with all your documentation. The lender can easily get an appraisal ordered and completed by early next week to close by Jan 28. Your lender is not doing you any justice.

[frenzyrider]

Most of the time, it is the borrower who takes time in furnishing details and statements. If you have all your documents, i dont see why it cannot be done in 10 days. Let me know if you need a referral.